BrokerageIndustry News

Prices cut on nearly half of for-sale homes

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The share of homes for sale that had experienced at least one price reduction in November jumped 24.1 percent compared to the same month last year, according to a monthly review of multiple listing service listings in 26 major markets conducted by national brokerage ZipRealty. As of Dec. 1, sellers had cut asking prices on 304,421 listings. That's 48.4 percent of all listings, flat from October, but up from 43.5 percent in November 2009. All but two markets -- Charlotte, N.C., and Miami-Ft.Lauderdale-Palm Beach, Fla. -- saw year-over-year increases in the number of discounted homes. Out of 26 markets, 19 saw double-digit jumps. Five major markets saw their price-reduced inventory rise more than 75 percent compared to November 2009, all but one in California: San Diego (108.4 percent), San Francisco (100 percent), Orange County (91 percent), Los Angeles (78.6 percent) and Las Vegas (83.3 percent). "Typically, November is a slower month for sales," said John Oldham, ZipRea...